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Covance and Lilly Enter Into a Strategic R&D Collaboration
Date:8/6/2008

elerate drug development timelines and improve efficiencies with Lilly, which will enable us to further focus on our core competencies in delivering better patient outcomes over the longer-term," said John Lechleiter, Eli Lilly CEO. "This industry-pioneering alliance will provide Lilly access to Covance's broad and efficient drug development platforms. In addition, this collaboration will help us make our fixed cost infrastructure more flexible and continue to grow our portfolio of best-in-class and first-in-class pharmaceutical products."

Under this agreement Lilly will transfer responsibility to Covance for its non-GLP toxicology, in vivo pharmacology, quality control laboratory, and imaging services. In addition, the contract includes a committed level of clinical pharmacology, central laboratory, GLP toxicology studies, and clinical Phase II-IV services.

Covance has been in Indiana for more than 20 years with a global central laboratory facility in Indianapolis and a Phase I clinic in Evansville. The company has more than 1,000 employees based in Indiana.

Covance continues to expect to deliver mid-teens revenue growth and 20% annual growth in EPS to $3.18 per diluted share in full-year 2008 (excluding the gain on sale from centralized ECG services from both periods), despite the expectation of a couple of pennies of dilution in the third quarter of 2008 from this transaction and the previously announced joint venture in China. Covance expects to provide its 2009 earnings target, including more financial details related to the agreement announced today, in December 2008.

Covance will host an investor teleconference and webcast today at 10:30 am ET to discuss its strategic collaboration with Lilly. The live investor call will be available via webcast at http://www.covance.com and by listen-only telephone: 866-215-8862. An archived call will be available by the end of the day via webcast
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SOURCE Covance Inc.
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